Procore lost $149.7 million for the most recently ended quarter, compared to a loss of $13.7 million a year earlier. Revenue reached $122.8 million, up from $96.6 million in last year’s corresponding period. “We saw growth across every geography segment and stakeholder we serve today,” CFO Paul Lyandres said during the week’s earnings webcast. He reported Procore ended the quarter with 11,149 customers, a 19-percent increase over the prior year. The executive noted prospects are good for growth in the construction industry. “Customers are increasing forecasted construction volume,” he said.
PROCORE SEES BROAD GROWTH Featured
Procore Technologies saw broad growth as it made its first report as a public company this week. The construction software company spent into the growth so that while revenue was up 27.1 percent for the second quarter ended June 30 as a three-times increase in operating expenses raised the net loss for the period by 10 times year-over-year.
